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NOTICE PAY

This query is : Resolved 
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(Querist)
16 May 2009
Sir,

What is notice pay?


When is notice pay account debited in the books of account?
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jegannath G

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jegannath G (Expert)
17 May 2009 treat that as joining expenses grouped under personnel cost
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O.D.SHARMA

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O.D.SHARMA (Expert)
17 May 2009 Notice period is pay of any Employee hired by a compnay immediatly & compensating the other company notice from employee .This is pers. cost
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SUBRAMANYA H

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SUBRAMANYA H (Expert)
18 May 2009 Notice pay is Paid by co to employee for immediate termination or dismissal

Notice pay also collected from employee by the co for immidiate releaving from service on resignation of a employee, otherwise employee has to work for the co for one month or as specified in the terms of employment, from the date of resignation and during this period employee is getting his salary

If company is paying notice period salary , it is to be debited to salary a/c

If Company is collectiong notice pay , same should be credited to salary a/c
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